One of the tasks of a broker is to implement the policies of any services they offered. They're the one who set the rules and as a trader, it is our responsibility to scrutinize the TOC before accepting it. The profit distribution is set by a broker and every PAMM investor and trader must follow the rules of PAMM account.

The Financial institution or the regulatory board regulates a broker. They're the one who evaluate the rules of a broker towards any trading strategies. The purpose of the regulatory board is to protect the interest of the investors.